BRANCHBURG, N.J., April 24 /PRNewswire-FirstCall/ -- LifeCell
Corporation (NASDAQ:LIFC) today reported financial results for the
first quarter ended March 31, 2008. Paul Thomas, President and
Chief Executive Officer, will host a conference call today at 10:00
a.m. Eastern to discuss first quarter 2008 financial results. First
Quarter 2008 Results Product revenues for the first quarter were
$54.3 million, up 27%, compared to $42.7 million reported for the
same period in 2007. The increase in product revenue was primarily
due to an increase in demand for LifeCell's flagship reconstructive
surgical product, AlloDerm(R) Regenerative Tissue Matrix, which
increased 30% to $47.8 million in the current quarter compared to
$36.8 million in the first quarter of 2007. Revenues from
Strattice(TM) Reconstructive Tissue Matrix, which was launched in
the first quarter of 2008, totalled $1.1 million. Orthopedic
product revenues, which include GraftJacket(R) and
AlloCraft(TM)DBM, increased to $3.4 million in the quarter from
$3.0 million in the first quarter of 2007. GraftJacket(R) revenues
represented $2.9 million in the quarter compared to $2.5 million in
the prior year quarter. Repliform(R) revenues were $1.5 million and
$2.1 million, respectively, in the first quarter of 2008 and 2007.
Operating expenses for the first quarter, excluding cost of
products sold, were up $6.0 million, or 30%, compared to the same
period in 2007. The increase was primarily related to our new
reconstructive tissue matrix, Strattice. Such expenses included
initiation of clinical studies, development activities and
commercial launch costs. Additionally, our selling expense
increased as a result of a 19% increase in our direct sales force
headcount. Operating income for the first quarter of 2008 increased
8% to $11.3 million compared to operating income of $10.4 million
in the first quarter of 2007. Net income for the first quarter of
2008 was $6.8 million, or $.19 per diluted share, compared to net
income of $6.4 million, or $.19 per diluted share in the first
quarter of 2007. Pending Acquisition by KCI As previously
announced, on April 7, 2008, Kinetic Concepts, Inc., a Texas
corporation ("KCI"), and Leopard Acquisition Sub, Inc., a newly
formed Delaware corporation and a wholly owned subsidiary of KCI
("Purchaser"), entered into an Agreement and Plan of Merger (the
"Merger Agreement") pursuant to which (i) Purchaser commenced on
April 21, 2008 a cash tender offer (the "Offer") to purchase all of
the issued and outstanding shares of common stock, par value $0.001
per share, of LifeCell (the "Common Stock") at a price per share
equal to $51.00 (the "Offer Price"), and (ii) following the
consummation of the Offer, Purchaser will merge with and into
LifeCell (the "Merger"), pursuant to which each outstanding share
of Common Stock not purchased in the Offer will be converted into
the right to receive the Offer Price, except for those shares held
by LifeCell, KCI or Purchaser, and other than those shares with
respect to which appraisal rights are properly exercised. After the
Merger, LifeCell will continue to exist as a wholly owned
subsidiary of KCI. For more detail regarding the Offer, see
"Important Information" set forth below. Upon successful completion
of the merger transaction described above, LifeCell's results of
operations would be consolidated with those of KCI. Accordingly,
LifeCell has suspended its historic practice of providing financial
guidance. Conference Call Information As previously announced,
LifeCell will host a conference call today at 10:00 a.m. Eastern.
The dial-in number for the call is (877) 591-4951/domestic or (719)
325-4880/international. A simultaneous webcast of the call will be
available via LifeCell's website at http://www.lifecell.com/
Corporate Information - Investor Relations. The call will be
archived on LifeCell's website for at least 90 days. A recording of
the call will be available through May 1, 2008. The dial-in number
to listen to the recording is (888) 203-1112 or (719) 457-0820. The
replay access code is 3074049. About LifeCell LifeCell is the
leading provider of innovative biological tissue matrix products
for soft tissue repair. Surgeons use our products to restore
structure, function and physiology in a variety of reconstructive,
orthopedic and urogynecologic surgical procedures. LifeCell's
products include: ALLODERM(R) regenerative tissue matrix, for
plastic reconstructive, general surgical, burn and periodontal
procedures; STRATTICE(TM) reconstructive tissue matrix, for plastic
reconstructive and general surgical procedures; GRAFTJACKET(R)
regenerative tissue matrix, for orthopedic applications and lower
extremity wounds; ALLOCRAFT(R)DBM, for bone grafting procedures;
and REPLIFORM(R) tissue regeneration matrix for urogynecologic
surgical procedures. LifeCell's research and development
initiatives include programs designed to extend the use of its
current marketed products into new surgical applications as well as
expanding its product line in the rapidly growing biosurgery
market. LifeCell maintains a website at http://www.lifecell.com/.
Important Information This press release is neither an offer to
purchase nor a solicitation of an offer to sell securities. The
tender offer is being made pursuant to a tender offer statement and
related materials. On April 21, 2008, KCI and a wholly owned
subsidiary of KCI filed with the U.S. Securities and Exchange
Commission (the "SEC") a Tender Offer Statement on Schedule TO
containing an offer to purchase, forms of letters of transmittal
and other documents relating to the tender offer, and LifeCell
filed with the SEC a Solicitation/Recommendation Statement on
Schedule 14D-9 with respect to the tender offer. These documents
contain important information about the tender offer that should be
read carefully before any decision is made with respect to the
tender offer. KCI's wholly owned subsidiary and LifeCell intend to
mail documents to the stockholders of LifeCell. Stockholders of
LifeCell may obtain a free copy of these and other documents filed
by LifeCell or KCI with the SEC at the website maintained by the
SEC at http://www.sec.gov/. In addition, stockholders may obtain a
free copy of these documents from LifeCell by contacting LifeCell
Corporation at One Millennium Way, Branchburg, New Jersey 08876,
attention: Investor Relations. Forward-looking Statements The
financial results contained in this news release are subject to
finalization in connection with the preparation of LifeCell's Form
10-Q for the quarter ended March 31, 2008. This release also
contains "forward-looking statements" made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements include statements with respect
to our beliefs, plans, objectives, goals, expectations,
anticipations, assumptions, estimates, intentions, and future
performance, and involve known and unknown risks, uncertainties and
other factors, which may be beyond our control, and which may cause
our actual results, performance or achievements to be materially
different from future results, performance or achievements
expressed or implied by such forward-looking statements. All
statements other than statements of historical fact are statements
that could be forward-looking statements. These forward-looking
statements may not be realized due to a variety of factors,
including, without limitation: the failure of the KCI transaction
to be consummated; the failure to maintain or increase revenues
from the sale of our AlloDerm products; the failure to comply with
government regulations, including the FDA; product recalls; claims
for damages by third-parties, including product liability claims;
our dependence on a limited number of sources for human cadaveric
tissue; negative publicity about the use of donated human tissue in
medical procedures; our ability to increase market penetration of
our current products and to develop and commercialize new products;
changes in third party reimbursement practices; the failure of
independent sales and marketing agents and distributors to
adequately promote, market and distribute our products; our
inability to protect our intellectual property; the effects of
competition; and the other factors listed under "Risk Factors" in
our annual report on Form 10-K and our other filings with the
Securities and Exchange Commission. LifeCell assumes no obligation
to update the information contained in this news release. LIFECELL
CORPORATION Financial Highlights (Unaudited) Three Months Ended (In
thousands, except for per share data) March 31, Statement of
Operations Data: 2008 2007 Revenues: Product revenues $ 54,317 $
42,744 Research grant revenues 112 218 Total revenues 54,429 42,962
Costs and Expenses: Cost of products sold 17,065 12,416 Research
and development 6,963 5,168 General and administrative 6,392 4,828
Selling and marketing 12,718 10,124 Total costs and expenses 43,138
32,536 Income from operations 11,291 10,426 Interest and other
income (expense), net 897 969 Income before income taxes 12,188
11,395 Income tax provision 5,425 4,968 Net income $ 6,763 $ 6,427
Net income per common share: Basic $ 0.20 $ 0.19 Diluted $ 0.19 $
0.19 Shares used in computing net income per common share: Basic
34,013 33,058 Diluted 34,914 34,142 (In thousands, except for per
share data) March 31, December 31, Selected Balance Sheet Data:
2008 2007 Cash, cash equivalents and investments $ 93,357 $ 97,922
Receivables, net of allowance 28,076 25,734 Inventories, net 50,542
44,267 Accounts Payable & accrued liabilities 34,152 45,796
Working Capital 138,796 128,331 Total Assets 215,331 216,998 Total
stockholders' equity 181,179 171,202 DATASOURCE: LifeCell
Corporation CONTACT: Steven T. Sobieski, Chief Financial Officer of
LifeCell Corporation, +1-908-947-1106, ; or Kevin McGrath of
Cameron Associates, +1-212-245-8800, Web site:
http://www.lifecell.com/
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